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Fed Aid Sets Off a Rush to Refinance - FOX News
The Federal Reserve's attempt to stabilize the housing market set off a chain reaction across the U.S. on Tuesday, dropping interest rates and quickly spurring a burst of refinancing activity by borrowers eager to lower their mortgage costs. Some ...

Gunmen Open Fire at 7 Mumbai Sites During Possible Terror Attack - FOX News
MUMBAI, India — DEVELOPING: Police say gunmen attacked at least 7 sites in Mumbai with rifles and grenades, in what a police official told Reuters appeared to be a terror attack. Reuters reported some places are under siege, according to an ...

State Supremes: unsubstantiated allegations of teacher sexual ... - Spokane Spokesman-Review
In a case where the 11 petitioners are all known as John Doe, the state Supreme Court ruled 6-3 this morning that unsubstantiated allegations of teacher sexual misconduct can be withheld from public disclosure. School districts can investigate any ...

House Race Update: Ohio Sup. Ct. to Rule on Franklin County Votes - ABC News Blogs
ABC News' Teddy Davis and Arnab Datta Report: A federal appeals court ruled Tuesday that the Ohio Supreme Court -- and not a federal district court -- is the proper forum to decide how approximately 1,000 challenged provisional votes should be ...

Players Mentioned in Mitchell Report - FOX News
Roger Clemens Barry Bonds Jose Canseco Jason Giambi Gary Matthews Jr. Andy Pettitte Gary Sheffield Rick Ankiel Troy Glaus Jose Guillen Chuck Knoblauch Mo Vaughn Joran van der Sloot Goes 'On the Record' with New Natalee Holloway Story Police Arrest ...

UNC Murder - FOX News
March 13: Lawrence Alvin Lovett Jr., 17, is escorted by Durham police officers out of the Durham Police Department in Durham, N.C. March 13: Lawrence Alvin Lovett Jr., 17, is escorted by Durham police officers out of the Durham Police Department in ...

Bad bond deal at City Hall expected to cost New Orleans taxpayers $400 ... - New Orleans Times-Picayune
As disastrous moves go, it would be tough to top the city of New Orleans' decision eight years ago to sell $171 million in bonds and invest the proceeds in the stock market as a way of shoring up an underfunded pension plan for firefighters. As if on ...

OCEANSIDE: Tri-City feels interest rate pain - North County Times
OCEANSIDE ---- What looked like a savvy financial move for Tri-City Medical Center in 2007 is looking more like a mistake today as interest rates on auction-rate securities hit 13 percent. Tri-City hospital directors met with financial consultants ...

N.O. in bind over bonds for pensions - Baton Rouge Advocate
NEW ORLEANS — The city’s decision eight years ago to sell $171 million in bonds to help strengthen an underfunded firefighter pension plan could end up costing residents up to $400 million. The deal, made under former Mayor Marc Morial and a ...

A Mortgage Bailout: Is Anybody Else Mad? - BusinessWeek
As I copyedited BusinessWeek’s story about a possible mortgage bailout for people facing foreclosure, rationally it seemed a good idea to stem the bleeding. But emotionally, I realized, I’m mad. As a debt-averse homeowner with an excellent credit ...

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Today's Mortgage Terms starting with A

  • Accrued Interest: Interest earned but has not been paid
  • Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan.
  • Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change.
  • Adjustment Period: Applicable to an ARM, the time between changes in the interest rate.
  • Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time.
  • Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding.
  • Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance.
  • Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time.
  • Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner.

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